What's your situation?

Now that the rates are coming down, where are you in all of this?

I have recently bought my first PPOR and have a fixed rate for 3 years at 8.49% which sucks but I still have around 2 and a half years left to pay the fixed rate. It will cost me around 20 grand to switch to variable.

What's your situation?
 
all variable - looking to fix the bottom of this cycle.

fixed some loans during the last cycle at 5.99% for 5 years so i guess it made me fussy in regards to fixing at a higher rate recently.
 
With this last rate cut I will be on a lower rate than when I took with my 2 IP loans. As above I will also be looking to fix at the bottom of the cycle.

George
 
I scrambled to unfix two properites in the last month....

I still have 3 fixed at:

1. Fixed at 6.55% till May 2009

2. Fixed at 6.95% till June 2010

3 Fixed at 7.45% till July 2010

I will fix again when I see a 5 in front of the interest rates....perhaps late next year!
 
our mortgage is split in two.. part fixed for three years at 8.4 and the other variable currently sitting at about 7.6 ??? from memory. While it would have been nice to have fixed in lower, i am not that miffed... we wouldn't have lasted long at our current lifestyle had it varied too far in an upwards direction.
 
Had one on variable and four on fixed up until last month. Broke 3 of the fixed loans (at no cost) and am now riding the wave down. Will consider fixing again but probably not until April/May next year, but depends what the market looks like then I guess. Also looking to draw down another LOC for ASX and buy another IP after a further rate drop or two.
 
All fixed. The highest of which is 7.2 %. I have two coming off mid next year. Will let them revert to variable and ride it down (as Steve above). Or if they've gone below 7's by then I will suck out some equity to use for further purchase or to use in future development projects nd fix again. I like the SANF
 
I have one that still has a year to run but have been well in front so far. With the latest drop it's now fallen behind but the penalty is to high to bother about switching. Looks like I'll end up a smidge in front over the fixed period once it expires still.

The exciting part is that rates look like continuing to fall for a bit which may lead to opportunities in the future to lock in pretty acceptable rates.


Regards
Steve
 
Three loans variable, will fix when my best guesstimate tells me the time is right. One only is still fixed @ 7.3% for 23 more loooonnng months. I checked the price to break the day before the 80point cut kicked in but they wanted $5k. I did the sums and it didn't really make enough difference to make it worthwhile. I don't mind too much, but I just hope the rates are still low when the fixed period expires.
It's the only time fixing a loan for any period has cost me more than variable would have (averaged over 3 years) but I'm okay with this as I couldn't have hung on easily, if it had gone above 10%.

As I have said in another thread, SANF is important. I'm prepared to pay a price for it, I just prefer it when I don't have to!
 
2 Ip's fixed for 18 more mths at 8. something % Don't want to think about it! :mad: ... 1/3 of PPOR same with rest variable.... My saving grace will concentrate on PPOR for now.
 
all variable - looking to fix the bottom of this cycle.

fixed some loans during the last cycle at 5.99% for 5 years so i guess it made me fussy in regards to fixing at a higher rate recently.

Us too. But our fixed loans were three years and all came off earlier this year. That stung!

I have a friend locked in at 9.2% for 5 years!
 
I'm all variable here. Predicted correctly (in 2007) that staying variable is best coz the rates will soon go down :D. Sigh... if only I predicted lotto instead.

Currently looking for number 2 but not rushing - am waiting for the right property to show up. In the meantime, I play shares :p.
 
:( Screwed :(

WWAAAHHHH (cries uncontrolably)..sob..sob

Sold IP 2.5 years ago to finance biz.......

Biz now earning (IP servicable) wages. (although not in the LAST taxable 2 years...that the banks want to see)

Always had low doc loans (both of us self employed -ABN (contract)on an off 10 years) (Servicability is THE most important thing.....apparently NOT now)

PPOR is "holiday unit" resort 1BR :(

Do not have "40% cash" to finance new IP (low doc 80% loans have GONE :( )

Guess we just have to pay tax for a couple of years until the "credit crunch" is over and we pay for the $10b handout bonus KRudd gave :(


Have to "hide" $$$$ from hubby now so he does not decide that a new ute is "easier" :)

Thank God for ING :)
 
It's quite good atm considering cash is king. 2 IPs fixed at 7.14% and a PPOR (which used to be an IP) also fixed at 7.14% Due to end later this year, perfect timing!). $100k+ cash in bank expecting another $150k+ from sale of new build which would be used to pay off/down PPOR plus we need the cash flow for our next project with a land due to settle in a few weeks. So glad our next project is all lined up and close to home. Sold our new car where we only only lost $1.5k in 6 mths (Hondas are the best!). Picking up our new car next week and need to look for another car before hubby starts new job (we've only ever had 1 car but I can't catch public transport with 3 kids).

We're both not working atm, hubby due to start his new job in Jan but won't actually start work until end of Jan so lots of family time. But we're busy getting our new house ready for sale and moving to our PPOR. To me, it's work anyway, all the same, in fact property is even more important than a real job coz we make a lot more money from it with a lot less work involved.

I lost $50k last week when suncorp sold my shares yet life can't get any better atm...I'm so happy. My son is so smart and considerate, getting a lot of attention from my hubby, I have 2 babies in my tummy and we are finally moving into our own house after living at home ever since we got married in 2002! oh and hubby finally got a job in a school which means 15 weeks holiday a year...well teachers do need it but at least he will still be at home.
 
Going pretty good, should hit the 6ish% mark after this last of cuts are passed on..:)

All variables, without rechecking the paperwork some are lower than the others because of a professional package thingo-discount.

Was okay anyway before rates started dropping, the portfolio is not negative geared, things are ticking along nicely.
 
Alot of my clients locked their loans in 05/06 at 6.49% for 3-5 years....thanks to my tidy advice.

They were stressing over the last 12 months anticipating high rates upon expiry of fixed rate term, however good times ahead for them now.

Always a good idea to split loans - part fixed / part variable for flexibility and security.

As the old saying goes....'don't put all your eggs....'

:D
 
Alot of my clients locked their loans in 05/06 at 6.49% for 3-5 years....thanks to my tidy advice.

Always a good idea to split loans - part fixed / part variable for flexibility and security.

I couldnt agree more.

Half of my portfolio is variable and the other half is 3 year fixed also at 6.46% coming out next January.

We will be refixing half again.
 
I couldnt agree more.

Half of my portfolio is variable and the other half is 3 year fixed also at 6.46% coming out next January.

We will be refixing half again.

I tried to do the same thing, but with less successful timing :rolleyes:

I've got 40% of the loans fixed at 8.2% till Feb 2010, and the other 60% coming down on variable...

Not overly upset, and the break costs were too much to bear...so I will wait out the next 15 months on the higher rate.

Chris
 
ive been pretty lucky, was living o/s a few years back and all i read was rates going up so I locked in for 3 years

been on a fixed 7.04% for 2 years (including CBA .7% discount) of this 3 year term.

but as rates started coming down, and im back home for a few months, I found out that i could break the contract before IR's got lower than my rate, with only a 300 buck charge

so now (only got the one IP) riding the variable wave down until it starts heading up again and dumping all my spare money into offset.....one more .5 drop and its a smidgen from neutral.
 
I am most definitely on variable... dropped to 7.04% yesterday. Hoping for it to be close to 6% come December, then somewhere around the 5% mark next year at which point I will look to lock it in for 10 years.
 
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